H.R. 790: Outsourcing Accountability Act of 2013

113th Congress, 2013–2015. Text as of Feb 15, 2013 (Introduced).

Status & Summary | PDF | Source: GPO and Cato Institute Deepbills

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113th CONGRESS

1st Session

H. R. 790

IN THE HOUSE OF REPRESENTATIVES

February 15, 2013

(for himself, Mr. Bishop of New York, and Mr. McNerney) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Securities Exchange Act of 1934 to require the disclosure of the total number of a company’s domestic and foreign employees.

1.

Short title

This Act may be cited as the Outsourcing Accountability Act of 2013 .

2.

Required disclosure of number of domestic and foreign employees

Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) is amended by adding at the end the following new subsection:

(s)

Disclosure of number of domestic and foreign employees

(1)

In general

Beginning the first full fiscal year that begins after the date of enactment of this subsection, each issuer required to file reports with the Commission pursuant to subsection (a) shall disclose annually to the Commission and to shareholders—

(A)

the total number of employees of the issuer and each consolidated subsidiary of the issuer who are domiciled in the United States and listed by number in each State;

(B)

the total number of such employees physically working in and domiciled in any country other than the United States, listed by number in each country; and

(C)

the percentage increase or decrease in the numbers required under subparagraphs (A) and (B) from the previous reporting year.

(2)

Exemptions

(A)

Newer public companies

An issuer shall not be subject to the requirement under paragraph (1) for the first 5 years after the issuer is first required to file reports with the Commission pursuant to subsection (a).

(B)

Smaller companies

An issuer that had total annual gross revenues of less than $1,000,000,000 during its most recently completed fiscal year shall not be subject to the requirement under paragraph (1).

(3)

Regulations

The Commission may promulgate such regulations as it considers necessary to implement the requirement set forth in paragraph (1).

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